Goodmortgage Mortgage Review 2020

By Mitch Strohm

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Goodmortgage

NMLS: 2917

State License: MC-436

Bankrate Score

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3.4

User reviews
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( 9 )

4.1

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Goodmortgage is a full-service online lender offering mortgage options to borrowers of all types, including those with prior credit issues and little money for a down payment. Founded more than 20 years ago, Goodmortgage is the retail lending arm of First Guaranty Mortgage Corporation (FGMC). FGMC is a full-service wholesale and correspondent lender headquartered in Plano, Texas. It purchased Goodmortgage in May 2016.

Nationwide availability

Available in all U.S. states except Hawaii and New York

Minimum credit score

620 for conventional loans; 530 for FHA loans; 530 for VA loans; 530 for USDA loans; 620 for second liens; 500 for non-qualified mortgage (non-QM) loans.

Loan types

Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate (ARM); refinancing options include rate-and-term refinancing and cash-out refinancing; also offers non-qualified mortgage (non-QM) loans and home equity loans

Pros

  • Programs for borrowers with slim credit
  • Low-down payment loan programs
  • Offers non-qualified mortgage loans
  • Fast loan closing times
  • Free rate quote online

Cons

  • Doesn't offer immediate online approval; you have to speak to a loan officer
  • Doesn’t publish lender fees on its website
  • No brick-and-mortar locations

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Goodmortgage overview

Loan types

  • Conventional
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate (ARM)
  • Refinancing including rate-and-term refinancing and cash-out refinancing
  • Non-qualified mortgage (non-QM) loans
  • Home equity loans

Lender fees

Goodmortgage doesn’t publish lender fees on its website. However, keep in mind that most lenders charge at least an origination and application fee.

If you’re looking to keep lender fees low, Goodmortgage offers a number of programs that can lower your obligation at closing. FHA, USDA and VA loans may allow you to wrap closing costs into your overall monthly payment, and sometimes they provide the option for the seller to contribute to costs at closing.

Minimum borrower requirements

Goodmortgage generally follows Fannie Mae’s underwriting guidelines for conventional mortgages. Borrowers need a credit score of 620 or better, a down payment of at least 5 percent and a DTI of at least 43 percent.

For HomeReady and HomePossible mortgages, borrowers can put down as little as 3 percent.

FHA programs through this lender require a 530 credit score or better and a down payment of at least 3.5 percent. It doesn’t publish DTI requirements, but you’ll generally need a DTI of 50 percent or lower.

Goodmortgage also offers non-qualified mortgage products that allow for a credit score as low as 500.

Get started with Goodmortgage

Borrowers can apply online or by phone.

Hours

Monday - Friday: 8:30 a.m. - 5:30 p.m. CST Saturday: Closed Sunday: Closed  Contact: 844-372-3042

Goodmortgage consumer rating and reviews

4.1 reviews
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78% recommended

goodmortgage.com has been providing thousands of homeowners and homebuyers competitive mortgages for over 17 years now.

  • Offer FHA, VA, Conventional and jumbo programs.
  • Licensed in 27 states and Washington, D.C.
  • Fast and simple online application platform.

Customer Service Rating

Knowledge
4.3
Level of service
4.1
Professionalism
4.3
Responsiveness
4.0
0 out of 0 rates honored
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(9 reviews)
5 Star
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1 Star
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2

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 2 of 2 Reviews
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Otinia
82718

12/24/2019

Horrible experience!!!

My ex husband and I had a house together. He did his best to keep all the equity to himself after our separation , until the judge ordered for the house to be sold and us split the equity. My ex husband got so bitter that he let the house go to foreclosure. I wasn't able to save it from foreclosure...

Knowledge
1.0
Level of service
1.0
Professionalism
1.0
Responsiveness
2.0
Rates honored:
No
Would recommend:
No
Mortgage closed:
Yes
Closed on time:
Yes
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Pam
Augusta, GA

2/3/2020

Horrible Experience

I have financed with Good Mortgage on three different occasions. The first two were excellent. The last one has been one head ache after another. The loan officer and underwriting department are not on the same page. I was given three different closing dates. Had to have 2 appraisals (they pai...

goodmortgage replied to this:
"We are sorry to hear you were not satisfied with our customer service during the closing process. First Guaranty Mortgage Corporation dba Goodmortgage is committed to providing excellent customer service to all customers and would like to review your concerns with you directly. Please send your name, phone number, email, and best time to contact you to customercare@fgmc.com and our Customer Care and Resolution team will reach out to you. Thank you – Liz Frey, Customer Care and Resolution Manager, 240-415-9099"
Knowledge
1.0
Level of service
1.0
Professionalism
3.0
Responsiveness
2.0
Rates honored:
Yes
Would recommend:
No
Mortgage closed:
Yes
Closed on time:
Yes